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投資術語拆解:PE, PB, PEG 是什麼?

很多時閱讀財經文章都會遇到一些估值詞彙,例如 “PE”、“PB”、“PEG” 等,究竟是什麼意思呢?今次由淺入深拆解這三個估值倍數。

市盈率(Price-earnings ratio)

PE ratio = 股價÷ 每股盈利

市盈率量度股價相對每股盈利的比例,是最常見的估值倍數。假如每股盈利是 $10,而股價是 $100,市盈率就是 10 倍。換個角度睇,其實市盈率所反映的是市場願意付出幾多倍價錢來買入一間公司的盈利能力。不過,市盈率數值越高並不代表估值被高估,盈利增長力更強勁的上市公司的市盈率往往較高,因為市場預期市盈率所反映的溢價可以由未來盈利增長抵消,所以科技股的市盈率普遍較舊經濟股為高。

市賬率(Price-book ratio)

PB ratio = 股價÷每股賬面價值

市賬率量度股價相對每股賬面價值的比例。帳面價值代表著上市公司總資產扣減所有負債後剩餘的淨資產值,亦即是股東在上市公司所擁有的權益。假如每股賬面價值是 $100,而股價是 $300,市賬率就是 3 倍,但點解市場願意以高於 1.0 的市賬率來買入股票呢?點解要俾 $300 來買入只值 $100 的權益呢?這是因為公司運用股本的能力也有高低之分。以 2019 年股本回報率推算,騰訊(700.HK)可以利用 $100 股本賺取近 $22 收益,而港燈(2638.HK)僅賺到不足 $5。股本回報率越高的公司的市賬率往往越高,所以騰訊目前的市賬率高達 10 倍,而港燈則只有不足 1.5 倍。

本益成長比率(PE-to-growth ratio)

PEG ratio = 市盈率÷盈利增長率

以上提到公司的盈利增長能力越強,市盈率往往越高,本益成長比率便將這兩個因素納入考量。本益成長比率量度市盈率相對盈利增長率的比例。比率數值過低或反映目前市盈率低估了上市公司的盈利增長潛力。常用的參考數值是1.0,即上市公司的市值率應與盈利增長率一致,本益成長比率高於 1.0 反映估值或被高估,低於 1.0 則有可能出現低估。

總結

投資股票不但要有能力挑選出優質的上市公司,更要懂得推算出合理的估值去買入股票,以上三款估值倍數可作為新手學習估值概念的入門工具。

想買港股?當然要有個港股戶口﹗立即用GoBear一click比較港股股票戶口。

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